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Arrangers Citibank, Crédit Lyonnais, Czech Export Bank, Bayerische Hypo-und Vereinsbank and WestLB closed the largest Turkish financing of 1999 this week with the signing of the $1.62bn equivalent multi-currency loan facilities to support the construction of the Afsin Elbistan B thermal power plant. The deal is one of the largest and most complex project financings to come to market this year, involving some 14 main tranches of financing split between six export credit agency (ECA) backed facilities and a further eight uncovered commercial facilities.

Lead arrangers Chase Manhattan, Deutsche Bank and IBJ have launched into general syndication the £1.325bn acquisition financing for AES Corporation - the UK's biggest power finance facility. Banks have been invited at three ticket levels: £30m for fees of 50bp, £20m for fees of 40bp and £10m for 30bp. The deal carries a margin ranging from 160bp-185bp over Libor and matures on March 20 2015.

Arrangers Citibank, Crédit Lyonnais, Czech Export Bank, Bayerische Hypo-und Vereinsbank and WestLB closed the largest Turkish financing of 1999 this week with the signing of the $1.62bn equivalent multi-currency loan facilities to support the construction of the Afsin Elbistan B thermal power plant. The deal is one of the largest and most complex project financings to come to market this year, involving some 14 main tranches of financing split between six export credit agency (ECA) backed facilities and a further eight uncovered commercial facilities.

Tunisia The $109.5m of commercial debt facilities for the Carthage Power Company have been signed by arrangers Paribas and Sanwa Bank.

China Arranger ABN Amro Bank NV has provided a DM190m 18 year Hermes covered export credit facility for the Ministry of Finance.

Asia * Unimat Capital Ltd

Market commentary: Compiled by Glenn Blackley, RBC DS Global Markets, Australia Tel: +61 2 9373 0431

Australia The mandate for a $500m refinancing for Southern Cross Cables has yet to be awarded. The banks rumoured to be in the forefront to win the arranger role are BA Australia, Chase Manhattan Bank Australia, Citibank Australia and Toronto-Dominion Australia.

Is there mischief afoot at Goldman Sachs in London, the house where a convoy of Brink's-Mat armoured vans is expected to arrive early in the new year carrying the 1999 bonus payments? The owner of a local wine bar tells us after eavesdropping on snatches of conversation that Goldman's total group's bonus payments could fund the budget deficit of many a third world country. But amid the jubilation and the bonhomie, are all the Goldman employees happy bunnies? Last week, as well as in previous columns, we suggested that the European debt capital markets division was something of a lame duck or a hobbled tortoise. While European M&A, international equities and the blistering J Aron commodities business have been almost buried under a mountain of money, the fixed income operation has been a wet blanket.